Purplebricks launches Mortgage division targeting first time buyers

Purplebricks has launched Purplebricks Mortgages Limited - taking over from the old Strike Financial Services brand. 

A year ago the Strike online agency purchased the troubled Purplebricks brand for just £1.

The creation of Purplebricks Mortgages Limited will see a team of more than 150 people operating under the Purplebricks Mortgages name, enabling customers to benefit from an end-to-end house buying solution on the Purplebricks platform. 

The mortgage offering means consumers can complete their purchase with Purplebricks, from viewing and buying a property to securing mortgage rates. 

Following the introduction of its new pricing model at the end of last year - emulating the Strike ‘free to sell’ model - the agency says it is also focused on supporting buyers by providing in-house access to market leading mortgage deals. 

A nationally representative research survey conducted by The Nursery for Purplebricks in Q1 2024 found that the 1046 respondents would consider a mortgage from Purplebricks before all other estate agents. 

As Strike Financial Services, the business has facilitated more than 315 new mortgages per month this year, and has offered 1,150 mortgages within an average of 15.33 days.

More than 330 mortgages have been offered to first time buyers in 2024, reflecting what Purplebricks calls its “particular expertise in this area across its entire business.”

Joanne Pocklington, Managing Director of Purplebricks Mortgages, said, “Moving to the Purplebricks name is the next stage of our evolution in the Group. Over the past three years Strike Financial Services has become one of the UK’s leading mortgage advisers, recently winning Top Business for Quality at the Mortgage Advice Bureau Awards 2024. The process of finding the right mortgage is critical to supporting the growth in home ownership in the UK. At Purplebricks Mortgages we innately understand the housing market and use this expertise to benefit our customers every day. Not only can customers get the right deal, we’ve also streamlined the house buying process with Purplebricks to allow everything to be done under one umbrella.”

Sam Mitchell, CEO, Purplebricks, said, “The teams at Purplebricks and Strike will leverage their experience and knowledge in the property industry as we transition to Purplebricks Mortgages. In the latest step in the Purplebricks’ journey, we will continue to emphasise customer satisfaction and the dedication that runs throughout the business to innovate and challenge the process of buying and selling homes. With increased competition from banks on mortgage rates, our ambition is to show to buyers the range of trustworthy and expert lenders available to support them on what can be a stressful and costly journey.”